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December 23, 2016

Deutsche Bank Announces $7.2 Billion Settlement on Toxic Mortgages
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In financial news, Deutsche Bank is set to pay $7.2 billion in fines
over its role in the U.S. housing market collapse, in a tentative
settlement with the U.S. Department of Justice. Between 2005 and 2007,
Deutsche Bank packaged toxic mortgages into securities it sold to
investors. The tentative deal is barely half of the $14 billion fine the
Justice Department was seeking. The Wall Street Journal reports the
Obama administration scrambled to secure the deal before Donald Trump's
inauguration next month. Trump has about $300 million in outstanding
debts to Deutsche Bank, and it's not clear whether his administration
would have pursued a settlement.


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